Thank you for sharing!

Your article was successfully shared with the contacts you provided.
AGE DISCRIMINATION Jury awards 85-year-old prison doctor $20 million Los Angeles (AP)-A California state jury has awarded $20 million to an 85-year-old doctor who sued the state Department of Corrections alleging age discrimination. Robert Johnson claimed that he was forced to retire as chief physician and surgeon at Lancaster State Prison four years ago because of his age. When he refused, Johnson said that his supervisors complained to the state medical board that he was suffering from memory loss that impaired his work. BREACH OF CONTRACT $115M win for Merrill in energy unit sale suit New York-Merrill Lynch & Co. Inc. will be paid more than $115 million after winning a breach-of-contract action against an energy company that refused to pay the full purchase price for a Merrill Lynch unit because of alleged misrepresentations. A New York federal judge ordered Allegheny Energy Inc. to pay that amount plus interest after rejecting its claims that it was wrongly lured into purchasing Merrill Lynch’s energy-commodities trading business, Global Energy Markets, four years ago. -ALM Allegheny bought the unit for $605 million in March 2001. However, it learned that Merrill Lynch’s finance department had overstated the operating revenues of the unit. The judge said that Allegheny had failed to show that the “misrepresentation resulted in an actual injury or loss not attributable to other factors.” Tyson settles suit with hog farmers for $42.5M Little Rock, Ark. (AP)-Tyson Foods says it is settling a lawsuit with swine producers in Oklahoma and Arkansas and will pay $42.5 million to 85 contract hog farmers. The dispute began in 2002, when Tyson restructured its swine operations and announced plans to end contracts with 132 hog farmers in eastern Oklahoma and in Arkansas. More than 80 of the farmers then sued, saying that Tyson’s misrepresentations had led them to invest substantial amounts of money to build farms to raise hogs for Tyson. FRAUD Title insurers pay $38M, end kickback scheme San Francisco (AP)-Three of California’s largest title insurers have agreed to halt what officials called a kickback scheme that cost home buyers $25.4 million and will pay more than $38 million in refunds and fines, state Insurance Commissioner John Garamendi has announced. He said that the companies-LandAmerica Financial Corp., First American Title Insurance Co. and Fidelity National Financial Inc.-paid kickbacks to lenders, builders and real estate agents to steer homeowner title insurance business their way. HEALTH INSURANCE Blue Cross to pay $17.5M to settle class actions Providence, R.I. (AP)-Rhode Island’s largest health insurer, Blue Cross & Blue Shield of Rhode Island, has agreed to pay $17.5 million to settle two class actions affecting thousands of customers. The agreement ends legal battles that began nine years ago. The plaintiffs had accused Blue Cross of cheating subscribers by not passing along discounts negotiated for prescription drugs and health services. Under the settlement, Blue Cross payments will be distributed by summer’s end to 116,200 current and former Blue Cross subscribers. PREDATORY PRICING Enron settles California gouging claim for $47.5M Sacramento, Calif. (AP)-Bankrupt energy company Enron Corp. has agreed to pay $47.5 million in a settlement that could reach $1.5 billion to resolve claims that it gouged California and other Western states during the 2000-2001 energy crisis. The settlement will end market manipulation and price-gouging claims against the Houston-based company, but the exact amount could be considerably less than the settlement’s face value. The final payment amounts will depend on what is left after Enron’s secured creditors are repaid as part of bankruptcy proceedings. REGULATORY ACTION CIBC settles mutual fund timing case for $125M Albany, N.Y. (AP)-The Canadian Imperial Bank of Commerce will pay $125 million to settle regulators’ charges of improper trading that hurt ordinary shareholders. The payment, which includes $100 million in restitution and $25 million in penalties, is part of an agreement the Toronto-based bank reached with the Securities and Exchange Commission and New York Attorney General Eliot Spitzer. In a complaint filed against CIBC, authorities said the bank provided brokerage services and more than $1.3 billion in financing to hedge funds engaged in “market timing.” Market timing of mutual funds involves rapid in-and-out trades that can hurt shareholders by diluting the value of their shares.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at [email protected]


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.